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1. Explain how an imprest petty cash system works. 2. Attantic Press maintains an imprest petty cash fund of $450, which is under the control

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1. Explain how an imprest petty cash system works. 2. Attantic Press maintains an imprest petty cash fund of $450, which is under the control of Giadys Yu. At December 31 , the fund holds 5105 cash and petty cash tickets tor $275 of office supplies and $100 of delivery experses. Joumalizo (a) establishment of the petty cash fund on December 1 and (b) replenishment of the fund on December 31. 3. Prupare a T-account for Petty Cash and post to the account. What is Pety Cash's balance at all times? Requirement 1. Explain how an imprest pety cash system warks. An imprest petty cash system maintains the Petty Cash account at the at at times. The account batance equals the sum of (o) plus () Requirement 2. Atlantic Press maintains an imprest petty cash fund of $450, which is under the control of Cladys Wu. Al December 31 , the Nund holds $105 cash and petty cash tichets for offce supplies $275 and delivery oxpense $100. Joumalize (a) estabishment of the pectly cash Nund on Docember 1 and (b) replenishment of the fund on December 31. (a) Journalize the establishment of the petty cash Nund. (Record debits first, then credits. Exelude explanations from journal entries.) (b) Journalize the replenishment of the fund. Requirement 3. Prepare a T-account for Petty Cash, and post to the account. What is Petty Cash's balance at all times? Post the applicable entry to the petty cash T-account below. (If a box is not used in the T-account, leave the box empty; do not onter a zero.) The Petty Cash balance at all times is Requirement 1. Explain how an imprest petty cash system works. An imprest petty cash system maintains the Petty Cash account at the cash in the chequing account. credits to the petty cash account. petty cash tickets for payments that have been made from the fund. bank balance prescribed balance reconciled balance December 31 , the fund hold cash in the chequing account journal entries.) cash still in the fund debits to the petty cash account

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